CHAPTER 2: OCCUPATION AND INCOME- Students may select a job that they believe they would like to do when they finish their education and provide a job description. For what company would you like to work? What is the income potential for this line of work? What benefits does the company provide?
If you complete four years of college and earn a Bachelor’s degree, your annual gross income will be $42,000. If you expect to go to work after earning and associate’s degree with two years of technical/community college training, your annual gross income will be $33,000. If you expect to go to work after high school with no additional education/training, your annual gross income will be $20,000. Each student will be expected to compute the amount of federal taxes, state taxes and FICA taxes to be subtracted from the gross pay to arrive at the net pay (see the “Computation Chart” below). Students will also be expected to investigate to find out if the job will provide PAID healthinsurance and/or life insurance or if they will have to pay for these from their own pay check. If you cannot provide verification that your job will cover health insurance, you must include this in the insurance section of this project. (SOL.GOVT. 15.a, 16c, 17)
Chapter 2 Requirements Summary Page to include:
Describe your choice of career, its educational and/or skills required, income potential, and benefits (including medical and life insurance). Careers in the military must plan for living off-base for this assignment.
Using one of the three annual incomes above, start with your monthly income (“gross income”), deduct all taxes to arrive at your “net income”.
Additional Required Information:
Note resources used to obtain information about this specific career. Include printouts of specific pages which support your claims, highlighting key information required for grading rubric like health insurance.
Include a completed sample copy of a W-4 form (www.irs.gov) and the state VA-4 form (www.tax.virginia.gov).
If you are unsure of what career you want, take the career test on Career Path. Or check out the information in Virginia View.
If you complete four years of college and earn a Bachelor’s degree, your annual gross income will be $42,000. If you expect to go to work after earning and associate’s degree with two years of technical/community college training, your annual gross income will be $33,000. If you expect to go to work after high school with no additional education/training, your annual gross income will be $20,000. Each student will be expected to compute the amount of federal taxes, state taxes and FICA taxes to be subtracted from the gross pay to arrive at the net pay (see the “Computation Chart” below). Students will also be expected to investigate to find out if the job will provide PAID health insurance and/or life insurance or if they will have to pay for these from their own pay check. If you cannot provide verification that your job will cover health insurance, you must include this in the insurance section of this project. (SOL.GOVT. 15.a, 16c, 17)
Chapter 2 Requirements
Summary Page to include:
- Describe your choice of career, its educational and/or skills required, income potential, and benefits (including medical and life insurance). Careers in the military must plan for living off-base for this assignment.
- Using one of the three annual incomes above, start with your monthly income (“gross income”), deduct all taxes to arrive at your “net income”.
Additional Required Information:If you are unsure of what career you want, take the career test on Career Path. Or check out the information in Virginia View.
- Virginia View
- Career Path
- Occupational Outlook Handbook
- Collegeboard Majors and Careers
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